Can You Afford to Buy a Home in Duluth?
The median home in Duluth costs $208,900. To afford it at current mortgage rates with 20% down, you need a household income of about $59,271/year. Your monthly payment would be around $1,383, including taxes and insurance.
Based on national median home values adjusted by Duluth’s Regional Price Parity (88.77). Current 30-year fixed rate: 6.52% (Freddie Mac, as of Jun 11, 2026). Methodology
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Monthly payment breakdown
$208,900 home, 20% down, 6.52% rate, 30-year fixed
Rent vs. buy in Duluth
Buying costs $151/mo more than renting, but you build equity. Over 5 years at current appreciation rates, homeowners in similar markets have gained significant equity.
What can you afford in Duluth?
Home price you can afford at each salary level (28% DTI, 20% down)
| Salary | Home you can afford | Monthly payment |
|---|---|---|
| $50K | $166K | $1,383 |
| $75K | $281K | $1,383 |
| $100K | $397K | $1,383 |
| $125K | $512K | $1,383 |
| $150K | $627K | $1,383 |
| $200K | $857K | $1,383 |
Based on 28% front-end DTI ratio, 20% down payment, 6.52% 30-year fixed rate, 1.1% property tax, ~$150/mo insurance.
Can common careers afford a home in Duluth?
Local median salary vs. the $59K needed to buy
Frequently asked questions
What salary do I need to buy a home in Duluth?
To comfortably afford the median home ($208,900) in Duluth with a 20% down payment and current mortgage rates, you need a household income of about $59,271. That keeps your housing costs at or below 28% of your gross income, which is the standard lender guideline.
How much does a house cost in Duluth?
The median home price in the Duluth, MN-WI metro area is $208,900, based on the Census ACS 2023 median home value for the metro. Prices vary widely by neighborhood. A 20% down payment would be $41,780, or $10,445 at 5% down.
What would my monthly mortgage be in Duluth?
On a $208,900 home with 20% down at current rates, your estimated monthly payment would be $1,383 including principal, interest, property tax, and insurance. With only 5% down, add about $83/mo for PMI.
Is it cheaper to rent or buy in Duluth?
Median 2-bedroom rent in Duluth is $1,232/mo (HUD Fair Market Rent). The estimated mortgage payment on the median home is $1,383/mo. Buying costs more per month, but you build equity over time.